Indian Oil Corp., Kaynes Technologies Ltd., Hero MotoCorp, and Bharti Airtel Ltd. are among companies that have drawn commentary from top brokerages on Friday. Analysts have tweaked share price targets and future outlook after some of these companies announced their December quarter results.
Brokerages On Indian Oil Q3 Results
Citi
- Maintain Buy with TP of Rs 190
- Strong beat in refining; In-line marketing
- Recent Union Budget has reaffirmed our view that concerns of a hike in excise duty were overdone
Jefferies
- Maintain Buy; Hike TP to Rs 190 from Rs 185
- Dec-25 Review: Refining led Beat
- EBITDA was 21% above consensus estimates on strong refining margins
- Likely loss of Russian crude will impact refining margins in FY27
- Low crude price outlook over CY26 is constructive for marketing margins that are tracking at elevated levels
- Fear of excise duty hike has receded
- Valuation is inline with historical average
Brokerages on Bharti Airtel Q3 Results
Morgan Stanley
- Maintain Overweight with TP of Rs 2435
- Q3: Strong cash flow generation
- Indian home services business saw good growth on both the top line and EBITDA
- There were slight misses vs. estimates in ARPU for Indian mobile services, home broadband, digital TV and Africa
- Digital TV services EBITDA missed estimate by 4% as margins narrowed for the second consecutive quarter
Jefferies
- Maintain Buy; Cut TP to Rs 2575 from Rs 2760
- Q3 results in line with estimates
- India mobile: Steady growth; margins surprise positively
- Strong growth in homes and Africa
- Strong FCF generation to support higher payouts
CLSA
- Maintain Outperform with TP of Rs 2310
- Strong India mobile subscriber gains; leading Arpu
- India home subscriber additions another new high
Brokerages On Kaynes Tech Q3 Results
Macquarie
- Maintain Outperform with TP of Rs 5900
- Q3FY26: Weak performance
- Revenue miss was primarily due to lower-than-anticipated growth for the Industrials and Railways segments
- Management had expressed high conviction about H2 momentum, which now seems misplaced
- Expect the stock to open weak, and wait to see what management has to say on the conference call
Jefferies
- Maintain Buy with TP of Rs 5940
- Sales/RPAT growth was a sharp deceleration vs H1FY26
- Net working capital rose to 139 days (+23 QoQ); Net Debt rose to Rs 660 crore
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Brokerages on Hero MotoCorp
Morgan Stanley
- Maintain Overweight with TP of Rs 6471
- Q3 First Cut – In Line with Estimates
- Cheap valuations, dividend yield, and double-digit volume growth keep us Overweight
Jefferies
- Maintain Underperform with TP of Rs 5000
- First Cut: Good Growth in Dec-Q
- ASP rose 1% QoQ on higher contribution of spare parts to revenues
- Recurring PAT grew 20% YoY on higher financial income and lower tax rate
Brokerages On Nykaa
Morgan Stanley
- Maintain Overweight; Hike TP to Rs 286 from Rs 271
- Q3 Margin Beat: Firing on All Cylinders
- Consistent strong growth and profitability delivery has been the theme for Nykaa in FY26
- Q3 delivery was consistent to that effect with a positive margin surprise outperformance
- Continue to believe Nykaa remains a good play on India's beauty market
Jefferies
- Maintain Buy with TP of Rs 315
- Picture Perfect
- Nykaa reported an exceptional result, when other consumptions stocks underperformed
- Not only growth has been strong across verticals, this was also supported by margin expansion
- Own brands continue to have the dream-run on growth, with Dot & Key EBITDA margins in high-teens
ALSO READ: Nykaa Q3 Results: Profit More Than Doubles, Margin Expands
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